Form 4: Hershey Trust Sells Shares of The Hershey Company

The Hershey Trust Company executed a series of planned sales of Hershey Company common stock between April 20 and April 22, 2026.

Summary

• The Hershey Trust Company, acting as trustee for the Milton Hershey School, sold a total of 27,163 shares of Hershey Company common stock.
• The transactions occurred over three days, from April 20, 2026, to April 22, 2026.
• The sales were executed pursuant to a Rule 10b5-1(c) trading plan.
• Following these transactions, the reporting person retains 1,796,119 shares of common stock directly and 39,630 shares indirectly.
• The reporting person continues to hold 54,612,012 shares of Class B common stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, as the sales were executed via a pre-planned 10b5-1 program and represent a small fraction of the total holdings.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which is a standard mechanism for insiders to sell shares without triggering concerns regarding non-public information.

Negatives

• The divestment represents a reduction in the direct equity stake held by the primary institutional shareholder.

Risks

• Continued divestment by a major shareholder could exert downward pressure on the stock price if market absorption is insufficient.

Future Outlook

The filing does not provide forward-looking guidance regarding future business operations, but confirms the transactions were part of a pre-established Rule 10b5-1 trading plan.

Industry Context

StockSavvy.ai notes that institutional divestment by long-term trusts is common for liquidity and funding purposes and does not necessarily reflect a change in the underlying business fundamentals of the confectionery sector.

Comparison to Industry Standards

• The use of Rule 10b5-1 plans is the industry standard for institutional and executive share sales to ensure compliance with SEC regulations.
• The scale of the sale relative to the total holdings (including Class B shares) is minor, maintaining the Trust's significant influence over the company.

Related Party Transactions

• The Hershey Trust Company is the trustee for the Milton Hershey School Trust and is wholly owned by it.

Stakeholder Impact

• Shareholders may observe minor fluctuations in trading volume due to the systematic sale of shares.

Next Steps

• Continued monitoring of future Form 4 filings to track further divestment activity under the existing trading plan.

Key Dates

Keywords

Hershey, HSY, Insider Trading, Form 4, Equity Divestment, Milton Hershey School